Givot signs $4.4m contract for Meged 5 gas

Givot will sell natural gas byproduct from the Meged 5 oil well to Natural Gas for Israel.

Givot Olam Oil Exploration LP (TASE:GIVO.L) has signed a $4.4 million three-year contract with Natural Gas for Israel Ltd. (Gatal) for the sale of byproduct natural gas from the Meged 5 oil well.

The contract will come into effect on March 20, 2013, after Gatal obtains, and pays, for the necessary permits. If the permits are not obtained, the contract will be voided.

Givot's share price rose 1.8% in morning trading to NIS 0.057, giving a market cap of NIS 592 million.

Published by Globes [online], Israel business news - www.globes-online.com - on March 21, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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